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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Brendan W who wrote (29034)	11/19/2007 12:19:10 AM
From: Paul Senior	Read Replies (3) \| Respond to of 78517

An FNF, LFG read for you guys who're interested: blog.valueinvestingcongress.com

To: Brendan W who wrote (29034)	12/29/2007 6:13:43 PM
From: Brendan W	Read Replies (2) \| Respond to of 78517

sub-prime/real estate update. I continue to hold title companies. I'm temporarily out of Fidelity (both FNF and FIS) as I am taking a tax loss. I upped my First American position in lieu of them. Still hold small Landam position having bought @ $27. I have been lucky with the homebuilders. Last year I made small money with MDC Holding. I have exited that in favor of more speculative Meritage and Pulte which also has been profitable. Bankruptcy risk is offset by price/book ratios around .5. This good fortune has been more than offset by a bloodbath in Building Material Holdings. I continue to up my position as P/B is < .3 and trailing P/S is .07. Amazingly, BLG has continued to report profitable quarters through this mess (so far). I exited Moody's and McGraw Hill early in September sidestepping some of their decline. I want to stay out not knowing how solid their legal defense is in future litigation about their possible culpability in rating sub-prime related securities. I continue to hold First Marblehead but my faith has been badly shaken by their issuing equity and needing lines of credit to continue their business under current market conditions. stocks mentioned: finance.yahoo.com